Monday, 22 February 2016

Central Bank of Afghanistan injects USD 300,000,000 to stabilize local currency

The Central Bank of Afghanistan, Da Afghanistan Bank (DAB), announced to inject USD 200-USD 300 million into the market in a couple of weeks in order to stabilize the Afghani currency. This comes as Afghani currency is continuing to lose its value against foreign currencies in the market, mainly against the USD. “We will put on sale USD 200-USD 300 millions in the market during February 2016 to prevent further drop in the Afghani currency,” said the Head of DAB, Khalil Sediq. He said that the monetary policy of the Central Bank was on the “right track” and had no any “role” in the decline of Afghani value in the last year. He cited economic challenges, and low foreign investments as the main reasons behind the deteriorating in Afghani currency. Afghani currency’s value is still stable compared to the currency values of other countries such as Kazakhstan, Tajikistan, Brazil and Turkmenistan. DAB is regularly monitoring circulation of money to keep it under control. It is worth mentioning that the Afghani currency is currently valued at 69.35 against the USD in Sarai Shahzada financial market of Kabul.